Money Matters - Simplified

Kenneth Feinberg

BP fund administrator assures of speedier claims settlement

Kenneth Feinberg, administrator of the fund set up to help victims of the Gulf of Mexico oil spill, has promised to expedite the process of payments to the affected.

Citi, BOA top managers pocketed $18 million pay in 2008

New York, October 25 -- Bailout funds notwithstanding, top players in the financial sector magnanimously showered their top executives with mind-boggling bonuses.

Top employees ditch companies after a move to cut pay

New York, October 23 -- Just after the Obama administration announced stringent measures for executives at bailed-out companies, top employees at various firms quit.

Top executives of bailed out companies face slashed salaries

Washington, October 22 -- The Obama administration plans to cut the pay packages of 25 top executives of companies that received billions of dollars during the government bailouts.

Pay czar to approve $10.5M for AIG head

Washington -- The U.S. Treasury's pay czar is planning to approve a $10.5 million pay deal for the head of American International Group, a source close to the office said.

Kenneth Feinberg, the so-called pay czar, is assigned the task of approving compensation formulas or pay for the 100 top executives at AIG, Citigroup, Bank of America, General Motors Co., Chrysler, Chrysler Financial and GMAC -- companies that have received extraordinary measures as defined by the federal government's Troubled Asset Relief Program.

In August, Robert Benmosche took over AIG from Edward Liddy, who was appointed the task of running AIG in September 2008, when the firm fell into government receivership.

Liddy famously reduced his pay to $1 in November 2008.

U.S. 'compensation czar' has tough job

Washington -- The Obama administration's "compensation czar," Kenneth Feinberg, faces a delicate task as he moves to limit pay for top executives, U.S. analysts say.

It will up to Feinberg in the coming months to set executive compensation at seven companies that received large government bailouts -- American International Group, Citigroup, Bank of America, General Motors Co., Chrysler Group, Chrysler Financial and GMAC. His task is complicated and unprecedented,
The Washington Post reported Sunday.

'Pay czar' has to perform a balancing act

Washington -- The Obama administration's so-called "pay czar" could be the next victim of political fallout over U.S. firms' payment practices, a policy expert said.

Treasury consultant Kenneth Feinberg is currently reviewing a payment request from American International Group concerning $2.4 million due employees this week and $235 million in bonus pay the company has scheduled later, USA Today reported Monday.

With $180 billion in federal bailout funds propping up the company, AIG's
intention to pay employees $165 million in bonuses this spring sparked an uproar that led to House and Senate lawmakers to push bills demanding the bonus pay be returned. In time, enough employees returned their bonus checks to simmer down angry lawmakers.